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Working Paper 192 - Empirical Analysis of Agricultural Credit in Africa: Any Role for Institutional Factors
A strong and efficient agricultural sector has the potential to enable a country feed its growing population, generate employment, earn foreign exchange and provide raw materials for industries. The vibrancy of the sector has a multiplier effect on any nation's socio-economic and industrial fabric, because of multifunctional nature. The fact that African countries should be self-sufficient in food production and other agricultural outputs cannot be contested. Not only is the continent naturally endowed with vast agricultural farm land, but also conducive geographical condition that favours agricultural production throughout the year. Agriculture is the largest contributor to Africa’s Gross Domestic Products (GDP), accounting for over 32 percent of the total output. For most of the African countries, (except the oil producing) agriculture is also the major source of income. More precisely, about 70 percent of Africa population engages in agricultural cultivation.